Orthofix Medical Inc and SeaSpine Holdings Corporation have announced the successful completion of their merger of equals following the approval of their respective shareholders.
According to a press release, of the votes cast, 99% of SeaSpine common shares were voted in approval of the merger, and 98% of Orthofix common shares were voted in approval of the merger.
Under the terms of the merger, a wholly-owned subsidiary of Orthofix will merge with and into SeaSpine, with SeaSpine continuing as the surviving company and a wholly-owned subsidiary of Orthofix.
SeaSpine shares have ceased trading on the Nasdaq Global Select Market and holders of SeaSpine common stock will receive 0.4163 shares of Orthofix common stock for each share of SeaSpine common stock owned. Orthofix, as the corporate parent entity in the combined company structure, will continue to trade on NASDAQ under the symbol OFIX. The combined company will be renamed at a later date and until then will continue to be known as Orthofix Medical Inc.
Keith Valentine, president and CEO of Orthofix, said: “The completion of this merger catalyses our ambition to be an industry leader in spine and orthopaedics. I’m privileged to lead this talented team and excited for all of the opportunities that lie ahead. Together we are stronger and better positioned to deliver innovative, quality-driven solutions for surgeons in their work to improve patients’ lives.”
Jon Serbousek, executive chairman of the combined company’s board of directors, added: “With broad, differentiated technologies, extensive commercial reach and a strong financial profile, we expect our combined company to drive meaningful market share gains, sustainable growth and value creation. We look forward to setting new standards of innovation and delivering on the many benefits we expect to provide for our shareholders, surgeons and employees.”
Effective as of the closing of the merger, Orthofix’s nine-member board of directors includes:
- Jon Serbousek, executive chairman (most recently president and CEO, Orthofix)
- Keith Valentine, director, president and CEO (most recently president and chief executive officer, SeaSpine)
- Catherine Burzik, lead independent director (former president, and CEO, Kinetic Concepts)
- Stuart Essig, independent director (managing director, Prettybrook Partners)
- Jason Hannon, independent director (president, and CEO, Mainstay Medical International)
- John Henneman, III, independent director (former chief financial officer, Integra Lifesciences Holdings)
- James Hinrichs, independent director (co-founder, Atmas Health)
- Shweta Singh Maniar, independent director (global leader, healthcare & life science solutions and strategy, Google Cloud)
- Michael Paolucci, independent director (executive vice president, chief people officer, Mirati Therapeutics)
The combined company’s executive leadership team also includes:
- Suzanne Armstrong, chief human resources officer
- John Bostjancic, chief financial officer
- Roberto Donadello, senior vice president, global operations
- Kim Elting, President, global orthopedics
- Ehab Esmail, senior vice president, global quality, regulatory and clinical affairs
- Kevin Kenny, president, global spine
- Patrick Keran, chief legal officer
- Tyler Lipschultz, president, global biologics
- Beau Standish, president, global enabling technologies